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Senate Banking sets April 29 vote for McWatters

WASHINGTON (4/25/14)--The Senate Banking Committee is set to vote April 29 on the nomination of J. Mark McWatters for a post on the National Credit Union Administration board, as well on three Federal Reserve Board nominations and one for the U.S. Department of Housing and Urban Development.

NCUA nominee J. Mark McWatters is shown here testifying before the Senate Banking Committee in March. He said that, if confirmed, he would "work diligently to ensure the continued integrity and safety and soundness of our nation's credit union system." (CUNA Photo)

Just a little more than a month ago, McWatters appeared before the banking panel to testify on behalf of his qualifications for the NCUA job. At that time he pledged to "work diligently to ensure the continued integrity and safety and soundness of our nation's credit union system in an ever-evolving marketplace."

Addressing one of the credit union industry's current hot-button issues, McWatters told Senate Banking Committee members that examining the overall issue of risk-based capital for credit unions in general and the NCUA's current proposal specifically would be high on his list of priorities if confirmed.

If the committee votes to approve McWatters' nomination, it will then send his name to the Senate floor for final confirmation. McWatters would replace board member Michael Fryzel, whose term ended officially Aug. 2.

The committee will also vote next Tuesday on the qualifications for Stanley Fischer, as a member and vice chairman of the Federal Reserve Board; Jerome Powell, as Federal Reserve Board governor; Lael Brainard, as a Fed governor; and Gustavo Aguilar, to be an assistant secretary for the U.S. Department of Housing and Urban Development.

April 29 is also the date the Senate Banking Committee has scheduled a vote on the Johsnon-Crapo housing finance reform draft.